The GOJ is praising itself and is suggesting that its most recent bond offer, which was said to have been oversubscribed by 700%, is a ringing endorsement of the country financial situation by the international bond market.

The GOJ we are told, went to the market to get US$500M and got offers totalling US$3.5B, which means the offer was oversubscribed by 700%. So pleased was the Minister of Finance with the response of the market, he raised the offer to US$800M.

So what does this all mean, given the country continues to borrow money with little or no growth to make payments in the future?